Reports in Spain emerged on Tuesday claiming Zidane has agreed a deal to become a Juventus director.
The ex-Real Madrid manager quit the Bernabeu in May citing fatigue.
But a return to his former club Juventus is now rumoured to be on the cards.
Spanish news outlet Libertad Digital revealed sources close to Juve chairman Andrea Agnelli had confirmed Zidane’s agreement to join the club.
However, in a fresh twist it appears as though Juve are trying to dampen down the rumours.
Spanish newspaper AS claim the club have rejected the notion that Zidane will join them.
The initial report had claimed the Frenchman would arrive in Turin to start work in October.
But AS say that Juventus have ‘no intention of hiring Zidane’.
That is because they already have Pavel Nedved installed as a director and don’t want to reshuffle their backroom staff.
However, AS speculate that were Zidane to move to the Allianz Stadium then his son, Luca, would likely come with him.
Luca Zidane is a goalkeeper on Real’s books but new manager Julen Lopetegui has already signed Andriy Lunin this summer and is chasing Thibaut Courtois of Chelsea.